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Indian IT firm Mphasis to develop blockchain privacy-enhancing tech solutions with QEDIT

Image by Mphasis

Fri, 24 Jan 2020, 04:22 am UTC

Indian IT firm Mphasis is working with Israeli blockchain privacy solutions startup QEDIT to bring privacy-enhancing technology solutions on blockchain to enterprises, according to the Press Trust of India.

QEDIT utilizes privacy-enhancing technology and Zero-Knowledge Proof (ZKP) cryptography to help companies transact and use their business data while ensuring privacy.

Mphasis and QEDIT will work together to develop ZKP solutions with the objective of enabling enterprises to “fight fraud, verify identities and uphold compliance with local data privacy regulations.”

QEDIT’s Private Asset Transfer solution employs ZKP, a cryptographic algorithm that allows two parties to share the proof of knowledge without revealing the underlying data. This approach could be used by Mphasis' clients in regulated industries such as financial services.

“ZKP solutions are slated to demand techniques that secure information further on blockchain and Mphasis believes ZKP will become that horizontal layer of security for digital identification,” it added.

Back in May, Mphasis teamed up with blockchain software developer Bitfury for a trade finance project. Valery Vavilov, CEO of Bitfury, said that they are pleased to work with Mphasis to “improve fragmented financial systems, helping to make global trade more efficient.”

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